Cherry Hill Mortgage Investment in Moorestown, N.J., has agreed to acquire Aurora Financial in Marlton, N.J.
The deal, valued at about $4 million, would expand Cherry Hill's mortgage servicing business, the company said in a press release Wednesday.
"Upon closing, we will have received approvals to service loans for the agencies and a MSR portfolio with approximately $700 million of unpaid principal balance," said Jay Lown, the company's chief investment officer, in the release.
The transaction is expected to close in the second quarter.